松井証券（8628）
Contents
1.2.
3. Sh sfed esearch http www sharedresearch
4. SR Inc SR Inc Shared R
5. 8 JASDAQ JASDAO
6. 2015 3 2 2014 7 9 10 959 74 4
7. 1 INetFx 1 1 CME R 225
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11. J MG GCA
12. 2013 2012 SR 2013 9 Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11714 SR 14
13. 27 349 93 1 26 180 100 3 212 2014 3 0 04 0 0696 300 0 EE 2014 3
14. 09 3 10 3 11 3 12 3 13 3 P 1 102 118 44 912 8 639 10 388 4 775 18 060 2 1 431 3 272 1 272 1 439 791 1 142 FCF 1 2 100 687 48 184 367 8 949 5 566 19 202 4 828 3 265 5 310 9 310 77 102 25 910 A 1 261 1 5 1 825 1 769 1 788 1 635 B 1 443 3 297 1 297 1 492 860 1 161 SR
15. 2014 4 i SR
16. Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved a 8628 Shared Research Report 2014 11 14 2014 3 39 883 91 8 38 738 94 5 27 090 165 7 27 175 165 2 16 300 153 6 87 140 2196 279
17. 9 9 SR 2013 1 Sh ared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
18. 2014 9 98 j 1 300 2 0 300 1 1 1 2014 4 0 1 0 2 Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11714
19. 2000 5 2001 IT 2001 2003 SBI 2005 2005 SBI 5 5 2005 3
20. i i a Sh sfed esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11714
21. 9 2014 3 2013 1 2005 3 2008 3 2013 3 8 2014 3 119
22. 2014 3 71 29 6 7 2014 3 6 7 2014 3 7196 2014 3 95 79 4 3 Sh sfed esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11714 9
23. SBS DIC KLab TOKAI
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26. 14 23 10 435 22 4 5 236 16 7 17 703 19 9 16 728 21 5 7 368 12 8 7 426 12 49 4 263 21 2 Shared desearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11714 2011 3 3 16
27. SR 2013 1 1 SR 2014 3
28. 0 39 20 1 300 2 0 300 2 0 SR
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30. 46 6 2 12096 1409 120 1009 140 1209
31. 2013 3 12 000 169 38 18 219 2013 1 14 165 22 7 13 072 25 3 4 1 0 8 49
32. 5 SBI SBI 2006 3 0 05 2005 3 30 2002 3 5 1 2003 3 2006 3 02 3 03 3 04 3 05 3 06 3
33. 8 2014 3 80 90 SR 2004 1 2014 9 TOPIX 0 7
34. 2014 3 Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11714 2014 9 30 98 NISA
35. 2015 3 2 2014 7 9 100 19 5696 100 2015 3 2 EL EPE 100 9 410 151 058 2 373 752 1 7 75 100 955 279 1 897 094 778 465 99 93 25 SR 2015 3 2 EL EL 100 6 165 137 378 880 324 ml Cm cw
36. 300 2 0 0 SR 2014 3 2014 5 58
37. 91 5 119 19 Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11714 26 3 8 809 3 717 65 8 NE 2013 3 20 799 17 5 19 915 19 0 10 195 38 5 10 245 38 1 6 427 51 0 10 000 2012 6 8 200 2012 11
38. 1 230 6 100 19 0 2 604 1 115 20 7 364 15 0 2010 3 2015 3 1 2014 3 4 100 1 76 50
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40. hared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11714 2001 SBI 309 259 2006 3 2001 3 3 3 2006 3 10 33 6 2001 3 3 022 2006 3 37 116 2006 3 2012 3 2006 1 20
41. 2008 3 60 2008 6 2009 3 47 2009 11 2011 10 amp 2000 2010 2007 3 2012 3 2010 3 2012 3 2011 3 06 3 07 3 08 3 09 3 10 3 11 3 12 3 0 12 0 09 0 12 0 12 0 12 0 13 0 13 SBI 0 05 0 03 0 03 0 03 0 04 0 04 0 04 0 06 0 05
42. 5 IT SR Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11 14 SR 1918 1990 1976
43. 1 1 8511 09 3 10 3 11 3 12 3 13 3 115 246 156 429 142 281 135 011 252 751 282 225 98 639 146 634 138 217 126 087 248 476 279 353 16 608 9 795 4 064 8 924 4 275 2 872 SR 2014 3 5 3 29 5
44. 1991 5 1 2 1993 1995 1996 1997 1990 2006 1996 2 1999 1998 5 1 1999
45. 100 Sh sfed esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11714 1 2015 3 2 2014 7 9 100 1 75 2014 3 2014 3 1 3 31 100 639 100
46. WEB 5 HD1I Japan 2014 4 2013 8 2013 1 2014 8 JCSI 4 1 1998
47. 8628 Shared Research Report 2014 11714 21 2296 12 5896 10 22 4 36 Taiyo Fund L P 3 85 2 97 2 88 2 88 2 889 2 7796 SR 2014 3 30 2011 3 70 2014 3 1 30 1 20 1 50 78 806 Shared Gxcscarch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Sh afedi esearch
48. 1996 1997 1998 1999 SR 2001 SBI 2006
49. 1 8698 1999 4 2005 5 2010 5 2010 BOOM 2011 TradeStation Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved a 8628 Shared Research Report 2014 11714 FX TradeStation Group Inc 2014 3
50. 12 3 13 3 14 3 110 152 366 14 496 38 496 140 4 5 78 109 279 14 9 39 9 156 8 5 70 496 71 29 6 76 1 6 86 121 310 12 496 39 496 157 2 6 78 5 79 1 84 6 SR 5 SBI 6 SBI GMO 2013 1
51. GMO S B S M B C 2014 3 2014 3 1 3 31 100 639 1
52. Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11714 SR 2014 3 8 523 8 1 9 270 2014 3 4 1 2014 3 85 365 5 SB1 2 8 523 10
53. 1 8703 UFJ 2001 4 1 8001 2006 1 UF Me 2007 6 UF 1 8306 A 50 60 MUFG 13 2012 2
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58. Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved a 8628 Shared Research Report 2014 11714 07 3 08 3 09 3 10 3 11 3 12 3 13 3 14 3 43 691 39 915 26 724 24 346 22 091 17 703 20 799 39 883 23 4 8 6 33 0 8 9 9 3 19 9 17 596 91 896 40 708 36 669 24 464 23 276 21 320 16 728 19 915 38 738 24 8 9 9 33 39 4 9 8 4 21 5 19 1 94 5 26 936 24 521 18 263 17 282 15 037 11 547 14 165 27 349 36 6 9 0 25 5 5 4 13 0 E20 22 7 93 1 66 296 66 896 74 796 74 296 70 596 69 096 71 196 70 6 24 386 22 085 15 888 15 424 13 455 10 435 13 072 26 180 0 09 0 12 0 12 0 12 0 13 0 13 0 10 0 06 2 550 2 436 2 375 1 858 1 582 12 1 093 1 169 13 844 12 158 6 196 5 991 6 283 5 236 5 770 11 374 16 2 12 29 49 096 3 3 4 9 16 79 10 2 97 1 34 096 33 196 25 396 25 796 29 596 31 396 29 096 29 496 16 828 15 384 8 456 7 060 7 053 6 211 6 654 12 519 2 984 3 226 2 260 1 069 770 975 884 1 145
59. 2007 SBI 2010 5 2005 GMO gt A 2012 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11714 5 GMO 6 2012 3 6 8 06 3 07 3 08 3 09 3 10 3 11
60. SR 2007 3 2013 1 1990 SR WeaknesseS
61. 57 4 0 03 0 10 5 770 10 2 70 9 Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11714 9 719 3 8 3 356 8 1 1 625 6 7 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 HH Shared Research Report 2014 11714 09 3 10 3 11 3 12 3 13 3 26 724 24 346 22 091 17 703 20 799 39 883 33 0 8 9 9 3 19 9 17 5 91 8
62. 1 759 50 469 2014 9 50 759 2013 1 880 2014 1 9 10 2015 3 1 7 490 43 1 7 238 43 5 4 633 51 7 4 694 51 2 2 928 49 5 37 52 29 22
63. 5 Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11714 5 2014 3 SBI 3 6 Pl a 39 883 74 178 45 773 3 23 347 38 738 69 878 44 568 34 640 21 286 26 180 32 190 22 583 20 655 11 340 67 6 46 1 50 7 59 6 53 396 5 3 5 0 2 6 1 7 4 974 2 361 2 220 1 670 7 1 5 3 6 4 7 8 8 096 5 142 4 035 623 11 6 11 5 11 6 2 9 11 374 20 254 11 517 6 400 7 300 29 4 29 0 25 8 18 5 34 396 it uz 11 648 37 118 22 175 20 367 9 707 EE 27 090 32 760 2 393 14 273 11 579 85 365 153 089 53 754 51 118 42 240 SR
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65. 7 3 15 424 2 9 5 990 3 3 24 346 8 9 23 276 4 9 50 6 11 891 18 1 11 385 14 5 11 545 15 5 7 661 10 7 2009 3 12 000 2008 9 10 7 000 2009 3 8 000
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67. 2008 3 2013 3 8 2013 1 2013 3 4 2008 3 2012 3 0 11 0 139 1 300 2 0 2013 3 4
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69. 100 2012 3 2012 9 2013 3 2013 9 2014 3 100 4 543 171 3 069 962 8 319 642 7 763 293 6 774 696 4696 5296 3896 37 37 100 5 333 504 2 836 434 13 460 212 13 012 679 11 669 385 54 096 48 096 61 89 62 696 63 396 9 876 675 5 906 396 21 779 854 20 775 972 18 444 081 SR 2013 3 3 2012 10 12 100 0 59 47 2012 9 2012 9 1 9 30 100 489
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71. 2015 9 5 000 1 Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11 14 1998 1999 1
72. 2013 3 12 3 13 3 14 3 0 13 0 10 0 06 SBI 0 04 0 03 0 02 0 06 0 06 0 04 0 10 0 09 0 09 0 07 0 06 0 04 GMO 0 03 0 02 0 01 SR 2013 3 6 12 3 13 3 14 3 7 4 8 4 11 0 SB1 33 5 33 2 35 5 15 1 15 1 15 3 7 4 7 2 6 5 7 1 7 4 7 7 GMO 8 1 7 9 8 6 SR 1996
73. 2014 3 50 30 20 2015 3 1 63 Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11714 14 3 15 3 pe 13 152 9 038 9 173 8520 7 490 8 819 228 9 137 1 103 0 0 6 43 1 2 4 6 12 800 8 799 8 900 8 239 7 238 8 392 238 496 146 1 106 2 0 0 43 596 4 6 9 925 6 052 5 977 5 395 4 406 5 349 308 8 164 0 95 6 15 696 55 6 11 6 2 868 2 745 2 919 2 842 2 829 3 040 111 89 114 1 132 0 51 596 1 49 10 7 3 213 2 771 2825 2839 2 604 2 718 a 33 5 22 4 22 5 3 5 19 0 1 9 25 1 31 5 31 7 34 5 36 0 32 4 9 587 6 028 6 075 5 400 4 633 5 675 596 7 359 596 202 4 1 896 51 7 5 9 74 9 68 5 68 3 65 5 64 0 67 6 5 9 625 6 041 6 106 5 403 4 694 5 682 585 196 358 3 203 6 2 0 51 296 5 9
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75. 2008 8 SBI SBI SBI 2000 Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11714 2014 3 1 4755 1999 3 DL DL SFG 1999 6 2003 11 DLJ SFG 2004 7 SBI 2000
76. 31 Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11714 319 33 15 888 28 1 6 196 49 0 26 724 33 0 24 464 33 3 9 943 51 9 9 998 51 8 6 921 45 8 Sh ared Gear http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 a CD
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88. 2 263 aa 145 347 30 ay SR 2013 10 15 2013 1 161 2 2013 1 shared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11 14 0 0 2
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95. 1987 1 9101 20 1 1987 1990 1990
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97. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11714 2 1998 4 5 1999 10 1998 12 2013 1 161 OD 2
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101. 10 3 11 3 12 3 13 3 14 3 109 109 108 108 117 119 121 124 200 214 203 178 169 155 155 151 SR 2014 3 3 126 11 49 8 19 8 523 2014 3 9 270 23 99 2014 3 4 1 Sh ared Gesearah http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11 14 SW Strengths Weaknesses
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120. 5 296 5 996 5 896 5 9 6 0 6 8 7 1 GMO 1 7 3 1 4 396 5 9 8 19 SR 2013 3 2013 3 2013 3 5 EL 12 3 13 3 14 3 110 275 124 564 220 694 64 027 74 532 133 238 35 458 37 896 68 428 100 665 115 904 209 110 76 718 78 961 101 015 23 945 37 417 108 095 SR 6 2013 3 6 2014 3 6 8 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 8628 Shared Research Report 2014 11714
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